Size of the NRI populationAt 18 million, India has the world’s largest diaspora population. As per the United Nations, the US, the UAE, and Saudi Arabia top the list of the countries hosting migrants from India. International Migration 2020 report highlights that the spatial spread of transnational population differs widely, and India’s diaspora, the biggest in the world, is spread across several countries in Europe, South America, North America, Australia, Asia, and Africa. The Indian diaspora contribute towards the development of their new home through participation in trade, greater access to technology, foreign investment and financial inclusion.
A data published in 2020 mentioned 18 million people from India as outsiders. Other countries having a sizable diaspora population include Russia and Mexico (11 million each), Syria (8 million), and China (10 million). India’s large diaspora is spread uniformly across the UAE (3.5 million), the US (2.7 million), and Saudi Arabia (2.5 million). Other countries which have welcomed Indian migrants in large numbers include Canada, Australia, Oman, Kuwait, Qatar, Pakistan, and the United Kingdom.
Returning NRIs –the challenges & expectations
The life of NRIs may seem rosy on the surface with a high-end job and luxury lifestyle. But they do carry the guilt feeling of leaving their parents behind, and the joy of reuniting with their family, friends, and relatives cannot be equated. This said they do everything possible to guarantee a safe and secure life for their parents and relatives back home. Getting an NRI account ensures that their family enjoys sound financial back-up at all times.
NRIs crave for the homely feeling when they return home. A welcome break from their busy lives overseas and getting showered with a warm welcome upon their return is a feeling beyond words. Celebration of popular Indian festivals like Diwali, Holi, etc is when where everyone huddles together to share the joyous moments of life. India, being a land of festivities, has been successfully able to attract NRIs year after year.
The size of the services market for NRIs are huge, and yet unorganized, or in the worst case still remains untapped. There are many services that returning NRIs are looking for in India. One of the primary concerns of every NRI is monitoring the health condition of their parents and relatives back home. With the COVID-19 pandemic consuming human lives in millions in India, the new found “Indian” or “Delta” variant has been mainly affecting the health of the aged and senior citizens. Accessibility to treatment and good quality of care, including early diagnosis of COVID symptoms, play a key role towards saving the patient’s life and improvement of health post-discharge.
Services offered to Indian NRls – Health Management
The need to preserve their parent’s health is a constant challenge for NRIs. Hopefully, there are several service providers that manage at-home care facilities partnering with healthcare and medical partners to support NRI families in India. By this, these service providers are able to eliminate the culpable feelings of NRIs that they aren’t able to look after their parent’s health as closely as they would want to otherwise. Any medical service packages for NRI parents would include basic health assessment at home, regular home healthcare visits, telephone follow-up, telephonic assistance (mostly 24×7), medical care maintenance, and scheduling periodic medical appointments. Finally, medical reports and other vital notes are shared via email or WhatsApp to any key members of the NRI family that are living abroad.
Property Management Services for NRIs
Property Management is another challenging area that NRIs are confronted with. Many service providers offer residential and commercial property management services for NRIs. The objective here is to offer expertise to maximize their asset value, and effectively manage asset. Some undertake property management services including exterior and interior maintenance, and identifying investment opportunities that give the best returns. NRIs may also look for Real Estate Investment services including land registration, property registration, property listing, advertising and marketing, property value estimation, site visits and document preparation and processing. They may also own properties such as residential buildings, vacant plots, apartments, parking lots, warehouses, commercial buildings which when left unused or under-utilized may not generate the expected ROI for the investment. Therefore, these service providers would help NRIs and their families back home with a range of passive income options through real estate investment and management such as rental, leasing or sales.
Travel & Tourism Services for NRIs
Travel & Tourism is another area that offers a lot of opportunities when it comes to meeting the different needs of NRIs including tour arrangements, travel booking & cancellation, passport renewal and visa services. Insurance policies help NRIs with the right protection and coverage required throughout, thereby protecting people, valuable property, and financial assets.